https://www.taxtmi.com/caselaws?id=39618 The proviso to section 4(1)(a) of the Wealth-tax Act, as amended in 1964, was construed to apply by reference to the assessment year for which the transfer was chargeable to gift-tax or exempt under section 5 of the Gift-tax Act, 1958, not merely by the date of the gift. A gift made before 31 March 1964 but chargeable to gift-tax could therefore be excluded from net wealth only if the relevant assessment year fell within the amended proviso; the Tribunal's contrary construction was rejected. The gift was included in the assessee's net wealth, and the reference was answered for the revenue. en-us Fri, 11 Oct 1974 00:00:00 +0530 Mon, 19 Apr 2010 11:43:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39618 The proviso to section 4(1)(a) of the Wealth-tax Act, as amended in 1964, was construed to apply by reference to the assessment year for which the transfer was chargeable to gift-tax or exempt under section 5 of the Gift-tax Act, 1958, not merely by the date of the gift. A gift made before 31 March 1964 but chargeable to gift-tax could therefore be excluded from net wealth only if the relevant assessment year fell within the amended proviso; the Tribunal's contrary construction was rejected. The gift was included in the assessee's net wealth, and the reference was answered for the revenue. Case-Laws Wealth-tax Fri, 11 Oct 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39618